Consists of LOL which everyone knows as being the formal "Laugh Out Loud", but with the added age, which brings a new higher meaning to the word LOL (in other words, its like ROFL, but slighly less funny...)

And Island is a random word you can put on the end

Lucif3r: "Hey Alien, Come to LOLAGE ISLAND"
AlienX: "Sure man, that would be so LOLAGEISLAND!!!"